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@money
Defensibility rises when frontier models handle planning while customized models trained on proprietary data handle most workloads.
Invest Like The BestWhy the Markets Are Pricing AI Wrong | Gavin Baker
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SRAM accelerators could reshape compute architecture by bypassing HBM constraints and using older manufacturing nodes.
Invest Like The BestWhy the Markets Are Pricing AI Wrong | Gavin Baker
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Cheaper tokens can drive more usage, so falling AI spend can coexist with rising GPU utilization.
Invest Like The BestWhy the Markets Are Pricing AI Wrong | Gavin Baker
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For the next several years, AI hardware market share will depend heavily on supply-chain allocations and pre-purchased capacity.
Invest Like The BestWhy the Markets Are Pricing AI Wrong | Gavin Baker
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Even a bearish view of the AI ecosystem can look like foolish optimism beside the stock market.
Invest Like The BestWhy the Markets Are Pricing AI Wrong | Gavin Baker
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A falling token-price index can signal cheaper open-source tokens replacing expensive frontier-model tokens, not weakening inference demand.
Invest Like The BestWhy the Markets Are Pricing AI Wrong | Gavin Baker
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Only hyperscalers, CoreWeave, Crusoe, and SpaceX have deployed more than 500 megawatts in one year. SpaceX did it fastest and cheapest.
Invest Like The BestWhy the Markets Are Pricing AI Wrong | Gavin Baker
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When installed compute reprices upward as contracts expire, hyperscaler credit ratios improve and additional financing gets easier.
Invest Like The BestWhy the Markets Are Pricing AI Wrong | Gavin Baker
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The evidence revealed no clear quantitative negative signal in AI, apart from contested third-party data on Anthropic.
Invest Like The BestWhy the Markets Are Pricing AI Wrong | Gavin Baker
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AI stocks sold off sharply while the underlying fundamentals improved significantly instead of deteriorating.
Invest Like The BestWhy the Markets Are Pricing AI Wrong | Gavin Baker
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Disaggregating AI workloads across specialized chips could substantially improve the return on investment of AI infrastructure.
Invest Like The BestWhy the Markets Are Pricing AI Wrong | Gavin Baker
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A Funder AI report projects SpaceX could bring 8 gigawatts of compute, though the estimate is highly implausible.
Invest Like The BestWhy the Markets Are Pricing AI Wrong | Gavin Baker
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AI-chip market share will be determined by supply allocations and purchased capacity, not only price or product quality.
Invest Like The BestWhy the Markets Are Pricing AI Wrong | Gavin Baker
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Microsoft, Meta, and Amazon's operating cash flow growth accelerated from 28% to 32%, or 35% adjusted.
Invest Like The BestWhy the Markets Are Pricing AI Wrong | Gavin Baker
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AI-related stocks fell roughly 40% to 60% from their highs in a single month.
Invest Like The BestWhy the Markets Are Pricing AI Wrong | Gavin Baker
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If newer chips monetize below Blackwell rates, hyperscaler operating cash flow could approach $2 trillion and erase $700 billion of credit demand.
Invest Like The BestWhy the Markets Are Pricing AI Wrong | Gavin Baker
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Compute rental prices rose roughly 50–60% in six or seven months. That is bullish demand evidence.
Invest Like The BestWhy the Markets Are Pricing AI Wrong | Gavin Baker
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If credit stops funding new compute infrastructure, existing compute becomes more valuable instead of killing AI demand.
Invest Like The BestWhy the Markets Are Pricing AI Wrong | Gavin Baker
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AI-mediated trading compressed a Japanese capacitor-stock cycle that normally takes years into roughly six weeks.
Invest Like The BestWhy the Markets Are Pricing AI Wrong | Gavin Baker
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An inference cloud planned to pay 100% more for Blackwell GPUs when its contract expired.
Invest Like The BestWhy the Markets Are Pricing AI Wrong | Gavin Baker
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One startup paid mid-$2s per GPU-hour for thousands of Blackwells, then expected just under $4 for equivalent B200 capacity seven months later.
Invest Like The BestWhy the Markets Are Pricing AI Wrong | Gavin Baker
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Career choices should weigh market rewards alongside enjoyment. Earning money and protecting financial security are legitimate goals.
The Prof G Pod – Scott GallowayAre You Saving Too Much Money? | Conversations
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An early SDR role at Ramp looked unglamorous, yet startup growth can turn that seat into substantial upside.
The Prof G Pod – Scott GallowayAre You Saving Too Much Money? | Conversations
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AI-generated editorial feedback shortens the feedback loop, but human judgment and the human editor still make the call.
The Prof G Pod – Scott GallowayAre You Saving Too Much Money? | Conversations
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For people in their twenties, living in New York with roommates can maximize social, dating, professional, and cultural contact.
The Prof G Pod – Scott GallowayAre You Saving Too Much Money? | Conversations
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A passion is not automatically a career. It may belong in your life as a hobby instead.
The Prof G Pod – Scott GallowayAre You Saving Too Much Money? | Conversations
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Individuals and lean teams can build profitable niche media businesses through subscriptions, advertising, and other low-cost models.
The Prof G Pod – Scott GallowayAre You Saving Too Much Money? | Conversations
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Paying off high-interest debt can deserve priority over discretionary spending and aggressive retirement contributions.
The Prof G Pod – Scott GallowayAre You Saving Too Much Money? | Conversations
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In your twenties, skill accumulation, networks, and scalable earning potential can matter more than maximizing savings.
The Prof G Pod – Scott GallowayAre You Saving Too Much Money? | Conversations
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Chasing performance without defining the life you want leaves numbers choosing your direction for you.
The Prof G Pod – Scott GallowayAre You Saving Too Much Money? | Conversations
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Optionality depreciates when years of credentials and predefined steps replace deciding what you actually want.
The Prof G Pod – Scott GallowayAre You Saving Too Much Money? | Conversations
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Take risks in a defined window while preserving future career and earning options.
The Prof G Pod – Scott GallowayAre You Saving Too Much Money? | Conversations
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Your 20s are valuable for optionality: several paths can reveal where your skills and interests compound.
The Prof G Pod – Scott GallowayAre You Saving Too Much Money? | Conversations
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Fast failure confines an unsuccessful venture to a brief episode instead of letting it consume years.
The Prof G Pod – Scott GallowayAre You Saving Too Much Money? | Conversations
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The hard part is telling ordinary difficulty apart from the market signaling that your path will not work.
The Prof G Pod – Scott GallowayAre You Saving Too Much Money? | Conversations
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A passion’s skills, networks, and interests can transfer into a more lucrative field without monetizing the passion itself.
The Prof G Pod – Scott GallowayAre You Saving Too Much Money? | Conversations
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Finding direction at 27 instead of 23 usually costs less than committing at 23 to the wrong career or partner.
The Prof G Pod – Scott GallowayAre You Saving Too Much Money? | Conversations
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Stop planning your whole future. Chase high-leverage opportunities in broadly growing markets and stay open to where they lead.
The Prof G Pod – Scott GallowayAre You Saving Too Much Money? | Conversations
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Explore like assembling a jigsaw puzzle: expose every possibility, find the edges and corners, then build toward the center.
Joys of CompoundingTodd Combs - Investing, The Last Liberal Art - [Art of Investing, EP.1]
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Militant diligence means learning enough technical detail to dismantle complex financial structures independently.
Joys of CompoundingTodd Combs - Investing, The Last Liberal Art - [Art of Investing, EP.1]
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Being physically close to an exceptional mentor gives a clearer signal than consuming their ideas from a distance.
Joys of CompoundingTodd Combs - Investing, The Last Liberal Art - [Art of Investing, EP.1]
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Before chasing uncertain upside, preserve a fallback that keeps experimentation’s cost bounded.
Joys of CompoundingTodd Combs - Investing, The Last Liberal Art - [Art of Investing, EP.1]
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The most satisfying part of building an investment firm is solving the analytical puzzle, not attracting money, hiring staff, or earning recognition.
Joys of CompoundingTodd Combs - Investing, The Last Liberal Art - [Art of Investing, EP.1]
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Wanting to become CEO does not make it happen. Complacency creates a ceiling you impose on yourself.
Joys of CompoundingTodd Combs - Investing, The Last Liberal Art - [Art of Investing, EP.1]
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Intellectual honesty means following evidence wherever it leads instead of forcing investments into long or short theses.
Joys of CompoundingTodd Combs - Investing, The Last Liberal Art - [Art of Investing, EP.1]
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Psychology is directly useful in investing because investing requires deciphering human behavior.
Joys of CompoundingTodd Combs - Investing, The Last Liberal Art - [Art of Investing, EP.1]
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Analyzing only half a balance sheet produces a distorted conclusion. Study both assets and liabilities.
Joys of CompoundingTodd Combs - Investing, The Last Liberal Art - [Art of Investing, EP.1]
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Breadth across fields creates transferable advantages, especially in investing, where multidisciplinary thinking is essential.
Joys of CompoundingTodd Combs - Investing, The Last Liberal Art - [Art of Investing, EP.1]
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Early self-directed investing meant studying mutual-fund prospectuses and managers’ backgrounds for an informational edge.
Joys of CompoundingTodd Combs - Investing, The Last Liberal Art - [Art of Investing, EP.1]
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A non-ideal career path can compound into an advantage through operating experience that looks unimpressive on a résumé.
Joys of CompoundingTodd Combs - Investing, The Last Liberal Art - [Art of Investing, EP.1]
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Working inside businesses can give future investors operating insight that immediate entry into prestigious investing roles never provides.
Joys of CompoundingTodd Combs - Investing, The Last Liberal Art - [Art of Investing, EP.1]
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People solve careers statically even as circumstances and personal preferences keep evolving.
Joys of CompoundingTodd Combs - Investing, The Last Liberal Art - [Art of Investing, EP.1]
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A résumé’s prestige is short-term. The experience you can explain and use for years is the durable asset.
Joys of CompoundingTodd Combs - Investing, The Last Liberal Art - [Art of Investing, EP.1]
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A lower-paying job with a worse résumé signal can still compound when it delivers unusually broad, tangible experience.
Joys of CompoundingTodd Combs - Investing, The Last Liberal Art - [Art of Investing, EP.1]
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Evaluate risk by frequency and severity. Power-law distributions make rare events disproportionately important when their consequences are extreme.
Joys of CompoundingTodd Combs - Investing, The Last Liberal Art - [Art of Investing, EP.1]
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The sharpest investment insight often comes from reframing a problem, not discovering an obscure fact.
Joys of CompoundingTodd Combs - Investing, The Last Liberal Art - [Art of Investing, EP.1]
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The edge comes from triangulating disparate evidence and assembling puzzle pieces instead of trusting one data point.
Joys of CompoundingTodd Combs - Investing, The Last Liberal Art - [Art of Investing, EP.1]
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Permanent companies give founders a stable canvas for lasting work without short fund cycles distorting decisions.
Joys of CompoundingWill Thorndike - Lessons from the Eternal Outsider - [Joys of Compounding, EP.28]
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A search fund pools individual investors behind an early-career CEO searching full time for a profitable small business to acquire and operate.
Joys of CompoundingWill Thorndike - Lessons from the Eternal Outsider - [Joys of Compounding, EP.28]
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Search’s safeguard is active governance: boards pair former CEOs and operators with investors who teach new CEOs to lead.
Joys of CompoundingWill Thorndike - Lessons from the Eternal Outsider - [Joys of Compounding, EP.28]
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Sharing an investment framework does not erase the competitive difficulty of executing it well.
Joys of CompoundingWill Thorndike - Lessons from the Eternal Outsider - [Joys of Compounding, EP.28]
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Learning, relationships, reputation, and wealth compound alike: avoid churn, keep investing, and start early.
Joys of CompoundingWill Thorndike - Lessons from the Eternal Outsider - [Joys of Compounding, EP.28]
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The research took roughly ten years from signing with the publisher to The Outsiders’ publication.
Joys of CompoundingWill Thorndike - Lessons from the Eternal Outsider - [Joys of Compounding, EP.28]
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Meaningful ownership often takes three to seven years. A business may need roughly ten years to become ready to scale.
Joys of CompoundingWill Thorndike - Lessons from the Eternal Outsider - [Joys of Compounding, EP.28]
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Baker Library’s unique data repository helped drive the project, alongside the enjoyment of archival research.
Joys of CompoundingWill Thorndike - Lessons from the Eternal Outsider - [Joys of Compounding, EP.28]
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Records-management businesses historically combined very low customer churn with attractive consolidation economics.
Joys of CompoundingWill Thorndike - Lessons from the Eternal Outsider - [Joys of Compounding, EP.28]
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The acquisition-vehicle structure tied investor economics substantially to business performance, unlike the typical US SPAC model.
Joys of CompoundingWill Thorndike - Lessons from the Eternal Outsider - [Joys of Compounding, EP.28]
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Tighter search-fund criteria reduced outcome dispersion while preserving exceptionally high returns and net multiples of invested capital.
Joys of CompoundingWill Thorndike - Lessons from the Eternal Outsider - [Joys of Compounding, EP.28]
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Exceptional long-term businesses are designed to be held for decades, not sold prematurely.
Joys of CompoundingWill Thorndike - Lessons from the Eternal Outsider - [Joys of Compounding, EP.28]
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At 50X, creative work follows genuine insight instead of a publishing calendar.
Joys of CompoundingWill Thorndike - Lessons from the Eternal Outsider - [Joys of Compounding, EP.28]
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Investment vehicles without traditional private-equity fund lives can structurally enable long-term ownership.
Joys of CompoundingWill Thorndike - Lessons from the Eternal Outsider - [Joys of Compounding, EP.28]
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Jack McDonald studied businesses deeply and exposed students to varied investors instead of prescribing one investment doctrine.
Joys of CompoundingWill Thorndike - Lessons from the Eternal Outsider - [Joys of Compounding, EP.28]
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A public-company CEO pursuing an unconventional strategy must first persuade a larger, more risk-averse board.
Joys of CompoundingWill Thorndike - Lessons from the Eternal Outsider - [Joys of Compounding, EP.28]
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The “equity paleo diet” fixes the equity base and demands growth without adding more equity.
Joys of CompoundingWill Thorndike - Lessons from the Eternal Outsider - [Joys of Compounding, EP.28]
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Permanent capital lets owners capture both financial compounding and the enduring growth of the businesses they own.
Joys of CompoundingWill Thorndike - Lessons from the Eternal Outsider - [Joys of Compounding, EP.28]
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Permanent capital makes mistakes less important while successful investments keep compounding for a very long time.
Joys of CompoundingWill Thorndike - Lessons from the Eternal Outsider - [Joys of Compounding, EP.28]
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After roughly a decade de-risking a business and reaching 5–10x, the next decade can hold the greatest compounding potential.
Joys of CompoundingWill Thorndike - Lessons from the Eternal Outsider - [Joys of Compounding, EP.28]
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Many 100x investments are not one miracle. They are successive owners capturing a series of 5x and 10x outcomes.
Joys of CompoundingWill Thorndike - Lessons from the Eternal Outsider - [Joys of Compounding, EP.28]
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Borrowing expands economic activity, but every credit-driven upswing eventually has to come down.
Principles by Ray DalioHow The Economic Machine Works by Ray Dalio
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Most money people use is actually credit, so shrinking credit shrinks effective money and intensifies the scramble for liquidity.
Principles by Ray DalioHow The Economic Machine Works by Ray Dalio
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A transaction exchanges money or credit for goods, services, or assets. Total spending divided by quantity sold determines price.
Principles by Ray DalioHow The Economic Machine Works by Ray Dalio
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An economy is all transactions across all markets, so aggregate spending and quantity sold reveal its activity.
Principles by Ray DalioHow The Economic Machine Works by Ray Dalio
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When a recession becomes severe and inflation fades, lower interest rates revive borrowing and spending.
Principles by Ray DalioHow The Economic Machine Works by Ray Dalio
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Debt restructuring lowers repayment amounts, extends maturities, or cuts interest rates, with lenders accepting less to avoid total loss.
Principles by Ray DalioHow The Economic Machine Works by Ray Dalio
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The economy looks complex, but it runs mechanically through transactions, human nature, productivity, and two debt cycles.
Principles by Ray DalioHow The Economic Machine Works by Ray Dalio
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Credit is the economy’s most important, largest, and most volatile component, yet it remains least understood.
Principles by Ray DalioHow The Economic Machine Works by Ray Dalio
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When wealth is concentrated and downturns drain government revenue, taxation tends to shift wealth from the wealthy to people with less.
Principles by Ray DalioHow The Economic Machine Works by Ray Dalio
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When spending and incomes grow faster than production, prices rise and inflation follows.
Principles by Ray DalioHow The Economic Machine Works by Ray Dalio
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The long-term debt peak hit the United States, Europe, and much of the world in 2008.
Principles by Ray DalioHow The Economic Machine Works by Ray Dalio
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Three rules of thumb: debt must not outgrow income, income must not outgrow productivity, and productivity must be maximized.
Principles by Ray DalioHow The Economic Machine Works by Ray Dalio
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Borrowing pulls spending forward, allowing consumption above income now and forcing consumption below income later.
Principles by Ray DalioHow The Economic Machine Works by Ray Dalio
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Austerity can worsen the debt burden first when spending cuts shrink incomes faster than debts are repaid.
Principles by Ray DalioHow The Economic Machine Works by Ray Dalio
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Deleveraging feeds itself: less spending means less income, less wealth, less credit, and still less borrowing.
Principles by Ray DalioHow The Economic Machine Works by Ray Dalio
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A borrowed television creates repayment obligations without income. A borrowed tractor can raise output and income to repay debt.
Principles by Ray DalioHow The Economic Machine Works by Ray Dalio
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Shared values and complementary skills are the key to a successful partnership. Major value conflicts threaten the relationship.
My First MillionIf I was 21 again, this is what I’d do different - Howard Marks
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A battle hero is not fearless. Courage means taking necessary action before fear makes the opportunity disappear.
My First MillionIf I was 21 again, this is what I’d do different - Howard Marks
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The defining AI question is still unanswered: are its capabilities limited, or effectively unlimited?
My First MillionIf I was 21 again, this is what I’d do different - Howard Marks
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After strong results, shrinking the next fund can signal that opportunities have deteriorated.
My First MillionIf I was 21 again, this is what I’d do different - Howard Marks
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Saying “I could be wrong” or “I don’t know” is a practical defense against overconfidence.
My First MillionIf I was 21 again, this is what I’d do different - Howard Marks
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A favorable short-term track record may reflect luck rather than skill when randomness dominates outcomes.
My First MillionIf I was 21 again, this is what I’d do different - Howard Marks
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A successful partnership requires shared values and complementary skills from the people building it.
My First MillionIf I was 21 again, this is what I’d do different - Howard Marks
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Mutual respect is the bedrock of a durable partnership. Without it, the foundation is missing.
My First MillionIf I was 21 again, this is what I’d do different - Howard Marks
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AI is unlike earlier technologies: nobody knows what its eventual shape will be.
My First MillionIf I was 21 again, this is what I’d do different - Howard Marks
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Even at full development, nobody knows whether AI will possess genuine insight.
My First MillionIf I was 21 again, this is what I’d do different - Howard Marks
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People who claim certainty in a probabilistic world may be showing a warning sign, not confidence.
My First MillionIf I was 21 again, this is what I’d do different - Howard Marks
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For unprecedented events, decisions combine limited data, analogies, and supposition. At the extreme, only supposition remains.
My First MillionIf I was 21 again, this is what I’d do different - Howard Marks
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The most dangerous investment error is treating false certainty as real, then sizing a bet accordingly.
My First MillionIf I was 21 again, this is what I’d do different - Howard Marks
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You can teach the importance of contrarian thinking, but not how to produce the right contrarian insight.
My First MillionIf I was 21 again, this is what I’d do different - Howard Marks
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There is no pattern recognition for the end of the world.
My First MillionIf I was 21 again, this is what I’d do different - Howard Marks
@money
Separate accounts are common among younger generations: 88% of Gen Z, 70% of millennials, and 59% of Gen X.
The Prof G Pod – Scott Galloway"His Money Is Our Money, My Money Is Mine" — Scott Galloway Responds | Office Hours
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Women feel more economically vulnerable in relationships for good reason: history left women facing unequal financial power.
The Prof G Pod – Scott Galloway"His Money Is Our Money, My Money Is Mine" — Scott Galloway Responds | Office Hours
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As women’s earnings rose, household finances shifted from shared income toward separate money.
The Prof G Pod – Scott Galloway"His Money Is Our Money, My Money Is Mine" — Scott Galloway Responds | Office Hours
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Before committing, discuss careers, spending, and student debt. Financial transparency reveals whether two people share a viable future.
The Prof G Pod – Scott Galloway"His Money Is Our Money, My Money Is Mine" — Scott Galloway Responds | Office Hours
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Have uncomfortable conversations early in a serious relationship. Unresolved disagreements become larger problems later in life.
The Prof G Pod – Scott Galloway"His Money Is Our Money, My Money Is Mine" — Scott Galloway Responds | Office Hours
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Young people can recognize romantic chemistry. They are less prepared to judge whether partners share a vision for thousands of ordinary days.
The Prof G Pod – Scott Galloway"His Money Is Our Money, My Money Is Mine" — Scott Galloway Responds | Office Hours
@money
If someone was undercompensated in a company sale, senior leaders can seek approval to top them up by diluting other stakeholders.
The Prof G Pod – Scott Galloway"His Money Is Our Money, My Money Is Mine" — Scott Galloway Responds | Office Hours
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Good leaders deliberately give their teams a disproportionate share of the credit instead of collecting it themselves.
The Prof G Pod – Scott Galloway"His Money Is Our Money, My Money Is Mine" — Scott Galloway Responds | Office Hours
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If an organization repeatedly withholds compensation or opportunities, ask whether its culture is a bad fit and look elsewhere.
The Prof G Pod – Scott Galloway"His Money Is Our Money, My Money Is Mine" — Scott Galloway Responds | Office Hours
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In organizational politics, performing well is insufficient. People must also be able to see that performance.
The Prof G Pod – Scott Galloway"His Money Is Our Money, My Money Is Mine" — Scott Galloway Responds | Office Hours
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Failure is an orphan. Success has many fathers. Watch who appears after the outcome is already safe.
The Prof G Pod – Scott Galloway"His Money Is Our Money, My Money Is Mine" — Scott Galloway Responds | Office Hours
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There is no universally correct way to manage money in a relationship. Alignment is what makes it work.
The Prof G Pod – Scott Galloway"His Money Is Our Money, My Money Is Mine" — Scott Galloway Responds | Office Hours
@money
Praise can be shared generously. Money usually follows legal agreements that were signed before anyone argued about fairness.
The Prof G Pod – Scott Galloway"His Money Is Our Money, My Money Is Mine" — Scott Galloway Responds | Office Hours
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The greatest relationship threat is not an uncomfortable money conversation. It is the financial surprise nobody saw coming.
The Prof G Pod – Scott Galloway"His Money Is Our Money, My Money Is Mine" — Scott Galloway Responds | Office Hours
@money
Grace Groner and Warren Buffett benefited from keeping a money plan unchanged for decades while compounding did its work.
Morgan HouselThe Psychology of Money
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Even Bill Gates underestimated exponential progress, asking in 2004 why anyone needed a gigabyte of email storage.
Morgan HouselThe Psychology of Money
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Most big events do not make themselves more likely. Mean reversion often pushes in the opposite direction.
Morgan HouselThe Psychology of Money
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Optimism begins with a simple bet: most people wake up trying to make life better, not cause trouble.
Morgan HouselThe Psychology of Money
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Humility, graciousness, intelligence, and empathy generate respect more reliably than conspicuous possessions such as fast cars.
Morgan HouselThe Psychology of Money
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Political identity can turn financial outcomes into proof of your beliefs instead of evidence you evaluate independently.
Morgan HouselThe Psychology of Money
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More than half of all households directly own stocks, making market pessimism personal for most households.
Morgan HouselThe Psychology of Money
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Warren Buffett built his fortune reading SEC filings about 12 hours a day for 70 years, often at family’s expense.
Morgan HouselThe Psychology of Money
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Spreadsheets demand precise rules. Financial life answers with randomness, emotion, and trends that resist precision.
Morgan HouselThe Psychology of Money
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A downturn can create a double wipeout: lost wealth and lost ability to buy when assets become cheap.
Morgan HouselThe Psychology of Money
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A century of investment data found that today’s beliefs depend on the economic outcomes people experienced.
Morgan HouselThe Psychology of Money
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Politics influence the economy, but small samples cannot support the sweeping partisan conclusions people want.
Morgan HouselThe Psychology of Money
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People routinely claim success as earned and failure as deserved while underestimating how much luck and risk shaped both.
Morgan HouselThe Psychology of Money
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A study recommended 2x leverage for young investors, but the strategy assumes they resume investing after being wiped out.
Morgan HouselThe Psychology of Money
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The possessions that display wealth directly reduce the assets that provide wealth’s greatest benefit: control over time and options.
Morgan HouselThe Psychology of Money
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Monster Beverage rose 211,000% from 1995 to 2016, yet lost more than half its value five separate times.
Morgan HouselThe Psychology of Money
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A favorable probability cannot justify ruin. Across a lifetime, even a 5% failure probability is likely to occur.
Morgan HouselThe Psychology of Money
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The same price means different things to investors playing different games. Following them can destroy you.
Morgan HouselThe Psychology of Money
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Many people who say they want to be millionaires really want to spend a million dollars, not accumulate wealth.
Morgan HouselThe Psychology of Money
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A bubble gauge can signal poor expected returns, but it cannot tell you when a downturn will begin.
My First MillionRay Dalio: The one thing I do differently before investing a single dollar
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Challenging work with people who see differently reveals threats any one person misses.
My First MillionRay Dalio: The one thing I do differently before investing a single dollar
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Learning before puberty is different. Languages, sports, and other abilities learned before roughly age 12 or 13 become deeply embedded.
My First MillionRay Dalio: The one thing I do differently before investing a single dollar
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Understanding cause-and-effect mechanics beats surface patterns. Every event has identifiable drivers.
My First MillionRay Dalio: The one thing I do differently before investing a single dollar
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Markets reward weighted convictions: treat beliefs by probability and expected value, not as binary certainties.
My First MillionRay Dalio: The one thing I do differently before investing a single dollar
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Your priorities are revealed when survival, opportunity, play, convention, and reputation compete for control.
My First MillionRay Dalio: The one thing I do differently before investing a single dollar
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The fundamental investing question is simple: how do you preserve upside while substantially reducing downside?
My First MillionRay Dalio: The one thing I do differently before investing a single dollar
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A meaningful life may demand choosing uncertainty and danger over conventional employment, even when the venture has no revenue.
My First MillionRay Dalio: The one thing I do differently before investing a single dollar
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Reflection converts experience into cause-and-effect principles that tell you what to do when specific conditions occur.
My First MillionRay Dalio: The one thing I do differently before investing a single dollar
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Large historical cycles repeat when monetary, political-social, and geopolitical orders break down for similar reasons.
My First MillionRay Dalio: The one thing I do differently before investing a single dollar
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Evaluate values first, abilities second, and current skills last. Abilities keep producing new skills.
My First MillionRay Dalio: The one thing I do differently before investing a single dollar
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When debt grows faster than earnings, debt-service payments crowd out spending until the buildup becomes painful and demands restructuring.
My First MillionRay Dalio: The one thing I do differently before investing a single dollar
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Success is knowing your nature and finding the path that lets your life feel self-authored.
My First MillionRay Dalio: The one thing I do differently before investing a single dollar
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Early exposure can reveal a lasting passion. Conversations and regular market talk sparked an enduring interest in markets.
My First MillionRay Dalio: The one thing I do differently before investing a single dollar
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A 50% loss requires a subsequent 100% gain merely to break even.
My First MillionRay Dalio: The one thing I do differently before investing a single dollar
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Build teams around complementary strengths, not similar people, so collaborators cover one another’s weaknesses.
My First MillionRay Dalio: The one thing I do differently before investing a single dollar
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Use curiosity to turn pain into a puzzle: ask what it reveals about reality, then extract a principle.
My First MillionRay Dalio: The one thing I do differently before investing a single dollar
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The people who annoy you most can hold the missing path to success if you coordinate your differences.
My First MillionRay Dalio: The one thing I do differently before investing a single dollar
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Build decision rules by testing how they performed historically in similar circumstances, then automate what the track record supports.
My First MillionRay Dalio: The one thing I do differently before investing a single dollar
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Fifteen good, uncorrelated return streams cut about 80% of portfolio risk without reducing returns, multiplying the return-to-risk ratio roughly fivefold.
My First MillionRay Dalio: The one thing I do differently before investing a single dollar

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